{"id":9871,"date":"2024-10-10T11:15:44","date_gmt":"2024-10-10T15:15:44","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9871"},"modified":"2024-10-17T11:20:45","modified_gmt":"2024-10-17T15:20:45","slug":"retail-rents-and-vacancies-tick-up-market-demand-strong","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2024\/10\/10\/retail-rents-and-vacancies-tick-up-market-demand-strong\/","title":{"rendered":"Retail rents and vacancies tick up, market demand strong"},"content":{"rendered":"<div id=\"pl-9871\"  class=\"panel-layout\" ><div id=\"pg-9871-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9871-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9871-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743-9871\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/PR-Banner-Miami-Today_Stephen-DeMeo.png\" width=\"1250\" height=\"521\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/PR-Banner-Miami-Today_Stephen-DeMeo.png 1250w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/PR-Banner-Miami-Today_Stephen-DeMeo-512x213.png 512w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/PR-Banner-Miami-Today_Stephen-DeMeo-768x320.png 768w\" sizes=\"(max-width: 1250px) 100vw, 1250px\" title=\"Miami Today Discusses South Florida Retail Market with Lee &amp; Associate South Florida Principal, Stephen DeMeo\" alt=\"Miami Today Discusses South Florida Retail Market with Lee &amp; Associate South Florida Principal, Stephen DeMeo\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<h3 class=\"widget-title\">Miami Today Discusses South Florida Retail Market with Lee &amp; Associate South Florida Principal, Stephen DeMeo<\/h3><\/div><\/div><div id=\"panel-9871-0-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h1 class=\"entry-title\">'Retail rents and vacancies tick up, market demand strong'<\/h1>\n<h3><strong>Miami-Dade retail rents and vacancies have risen slightly but remain steady, according to local experts.<\/strong><\/h3>\n<div><\/div>\n<p>&nbsp;<\/p>\n<div class=\"item__title item__title--smaller\">By Abraham Galvan<span class=\"hidden--xs hidden--sm\">\u00a0\u2013\u00a0<\/span> Miami Today<\/div>\n<div class=\"item__title item__title--smaller\">October 10, 2024<\/div>\n<p>&nbsp;<\/p>\n<p>Miami-Dade retail rents and vacancies have risen slightly but remain steady, according to local experts.<\/p>\n<p>The vacancy rate is around 2.7% right now, with about 1.3 million square feet of retail space under construction and around 861,000 square feet that was absorbed over the last 12 months, said Rafael Romero, JLL\u2019s senior vice president.<\/p>\n<p>\u201cMiami-Dade County is doing exceptionally well from a retail standpoint in contrast to Broward and Palm Beach counties that both stand at 3.6% vacancy,\u201d he said. \u201cRents have increased around 5.1% in Palm Beach, versus 3.3% in Miami and 3% Fort Lauderdale. I think part of that is just having more runway for better products to be delivered over the last 12 months and having larger projects redeveloped in Palm Beach. Those things have contributed to their increases more than any other traditional factors.\u201d<\/p>\n<p>Miami-Dade continues to see the continued migration of high-net-worth individuals, Mr. Romero added.<\/p>\n<p>...<\/p>\n<p>Broadly, the vacancy rates are mixed throughout the county, according to <a href=\"https:\/\/www.lee-associates.com\/southflorida\/our-team\/stephen-demeo\/\"><strong>Stephen DeMeo<\/strong><\/a>, a principal at Lee &amp; Associates.<\/p>\n<p>\u201cAround the suburbs, they have been flat with new tenants coming in,\" he said. \"The big businesses are moving into Brickell, downtown and Wynwood, and vacancy rates and the prices (rental rates) are steady but trending a little up. I think that\u2019s just because of the lack of inventory, the economy and people just holding tight on their leases.\u201d<\/p>\n<p>Currently, restaurant and entertainment concepts are pretty hot and heavy, Mr. DeMeo added.<\/p>\n<p>\u201cThe major plazas where the clothes retailers are located are tight,\u201d he continued. \u201cNot many brands or tenants are moving out, especially the prime shopping centers. These popular locations don\u2019t see too much movement because tenants want to come in here as much as possible if they\u2019re not there already. But if there are new brands that want to come in, the challenge is finding space, especially in these tight markets like ours. It\u2019s really the newer developments that are being built at the moment.\u201d<\/p>\n<p>...<\/p>\n<p>Lincoln Road in Miami Beach is also making a comeback and seeing strong momentum, with restaurants and food concepts taking the lead in terms of leasing.<\/p>\n<p>...<strong>see the link below to read the complete article!<\/strong><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9871-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9871-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9871-1-0-0\" class=\"so-panel widget widget_siteorigin-panels-builder panel-first-child\" data-index=\"2\" ><div id=\"pl-w67112a20ef861\"  class=\"panel-layout\" ><div id=\"pg-w67112a20ef861-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-w67112a20ef861-0\" ><div id=\"pgc-w67112a20ef861-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-w67112a20ef861-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div class=\"panel-widget-style panel-widget-style-for-w67112a20ef861-0-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/Miami-Today.png\" width=\"256\" height=\"86\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/Miami-Today.png 960w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/Miami-Today-512x173.png 512w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/Miami-Today-768x259.png 768w\" sizes=\"(max-width: 256px) 100vw, 256px\" title=\"Miami Today\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><div id=\"panel-w67112a20ef861-0-0-1\" class=\"so-panel widget widget_sow-button\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-leeassoc-bdeb4e11cd5d\"\n\t\t\t\n\t\t><div class=\"leeassoc-so-btn-base ow-button-base ow-button-align-center\">\r\n\t<a href=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today.jpg\" class=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \t\t>\r\n\t\t<span>\r\n\t\t\t<span class=\"sow-icon-fontawesome sow-far\" data-sow-icon=\"&#xf1ea;\"\n\t\tstyle=\"\" \n\t\taria-hidden=\"true\"><\/span>\r\n\t\t\tREAD FULL ARTICLE\t\t<\/span>\r\n\t<\/a>\r\n<\/div><\/div><\/div><div id=\"panel-w67112a20ef861-0-0-2\" class=\"so-panel widget widget_sow-image panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-w67112a20ef861-0-0-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today.jpg\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today-768x465.jpg\" width=\"768\" height=\"465\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today-768x465.jpg 768w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today-512x310.jpg 512w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/10-10-2024-Miami-Today.jpg 1158w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"10-10-2024 Miami Today\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"panel-9871-1-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong>About Lee &amp; Associates South Florida<\/strong><\/h3>\n<p>Lee &amp; Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee &amp; Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee &amp; Associates\u2019 robust national network that sold and leased over $115 Billion in the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee &amp; Associates South Florida, visit <a href=\"http:\/\/www.lee-associates.com\/\">leesouthflorida.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/leesouthflorida\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/leesouthflorida\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/leesouthflorida\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.instagram.com\/leesouthflorida\">Instagram<\/a>, our company <a href=\"https:\/\/www.lee-associates.com\/southflorida\/news\/\">local news<\/a>.<\/p>\n<h3><strong>About Lee &amp; Associates<\/strong><\/h3>\n<p>Lee &amp; Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee &amp; Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee &amp; Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee &amp; Associates, visit\u00a0<a href=\"http:\/\/www.lee-associates.com\/\">lee-associates.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/LeeAssociatesCRE\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/lee-and-associates\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/LeeAssociatesRE\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.linkbylee.com\/\">Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9871-2\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-9871-2\" ><div id=\"pgc-9871-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9871-2-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-8b5b6f678277-9871\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/southflorida\/services\/\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-scaled.jpg\" width=\"2560\" height=\"384\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-scaled.jpg 2560w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-300x45.jpg 300w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-1024x154.jpg 1024w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-768x115.jpg 768w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-1536x230.jpg 1536w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/01\/Blog-Footer_Services-and-Specialties-1-2048x307.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" title=\"Blog Footer_Services and Specialties\" alt=\"Lee &amp; Associates South Florida Commercial Real Estate\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>&#8216;Retail rents and vacancies tick up, market demand strong&#8217; Miami-Dade retail rents and vacancies have risen slightly but remain steady, according to local experts. &nbsp; By Abraham Galvan\u00a0\u2013\u00a0 Miami Today October 10, 2024 &nbsp; Miami-Dade retail rents and vacancies have risen slightly but remain steady, according to local experts. The vacancy rate is around 2.7% right now, with about 1.3 million square feet of retail space under construction and around 861,000 square feet that was&#8230;<\/p>\n","protected":false},"author":76,"featured_media":9873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,106],"tags":[1849],"class_list":["post-9871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-retail","tag-stephen-demeo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Retail rents and vacancies tick up, market demand strong - Lee &amp; Associates South Florida<\/title>\n<meta name=\"description\" content=\"Miami Today Discusses South Florida Retail Market with Lee &amp; Associate South Florida Principal, Stephen DeMeo\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2024\/10\/10\/retail-rents-and-vacancies-tick-up-market-demand-strong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail rents and vacancies tick up, market demand strong\" \/>\n<meta property=\"og:description\" content=\"Miami Today Discusses South Florida Retail Market with Lee &amp; Associate South Florida Principal, Stephen DeMeo\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/southflorida\/2024\/10\/10\/retail-rents-and-vacancies-tick-up-market-demand-strong\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates South Florida\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T15:15:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-17T15:20:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2024\/10\/PR-Banner-Miami-Today_Stephen-DeMeo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"521\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"ssabatier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ssabatier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/\"},\"author\":{\"name\":\"ssabatier\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"headline\":\"Retail rents and vacancies tick up, market demand strong\",\"datePublished\":\"2024-10-10T15:15:44+00:00\",\"dateModified\":\"2024-10-17T15:20:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/\"},\"wordCount\":725,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2024\\\/10\\\/PR-Banner-Miami-Today_Stephen-DeMeo.png\",\"keywords\":[\"Stephen DeMeo\"],\"articleSection\":[\"All News\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2024\\\/10\\\/10\\\/retail-rents-and-vacancies-tick-up-market-demand-strong\\\/\",\"name\":\"Retail rents and vacancies tick up, market demand strong - Lee &amp; 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